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Incredible Facts about CERSAI Registration You Probably Didn’t Know

By Finserv MARKETS - Aug 5,2019
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All About CERSAI Registration

CERSAI stands for Central Registry of Securitization Asset Reconstruction and Security Interest of India. It is a company licensed under Section 8 of the Companies Act of 2013 by the Government of India. The majority of shareholders in CERSAI are National Housing Bank, Public Sector Banks, and the Central Government of India.

Prior to the introduction of CERSAI, there was not a competent system for home registration. Even for availing a home loan, most of the registration details rested solely between the loan provider and the borrower. This often led to many discrepancies in the paperwork, further leading to counterfeit dealings. However, after the introduction of CERSAI, all of this changed.

Also know about Encumbrance Certificate before buying a property

Below listed are some incredible facts about CERSAI that you probably did not know about-

  • The CERSAI database maintains and regularizes the central registry of all rightful mortgages in India
  • CERSAI maintains constant vigilance to avoid any fraudulent activities related to lending against equitable mortgages. This prevents borrowers from taking multiple loans against the same property.
  • CERSAI maintains relevant information pertaining to loans or mortgages on any property and helps potential buyers from fraudulent property sales.
  • CERSAI allows banks, non-banking financial companies (NBFCs) and housing finance companies to register transactions related to property reconstruction or securitization.
  • CERSAI offers provisions for the registration of different types of mortgages across India. It also offers registration for security interests on intangible assets (ex: book debt)

Need for CERSAI

As mentioned before, CERSAI was introduced to secure the interest of both; the loan lending and borrowing party, as a means of enhancing the transparency in all the banking financials. In the absence of CERSAI, people used to take multiple loans on the same property due to the absence of valid deed papers. In some cases, properties with unpaid loans were also being sold without taking care of the existing liabilities on it. However, with the implementation of CERSAI, today, a loan provider can easily make a background check with CERSAI database and check whether the property has been mortgaged with another lender or not.

CERSAI Charges

The details of any new property mortgaged with a lender has to be registered with CERSAI within 30 days of signing the agreement. CERSAI registration incurs nominal charges of INR 50 and INR 100 for all home loans below and above INR 5,000,00 respectively.

How to register with CERSAI?

One can directly register a property on CERSAI’s official website. Following are the steps to register with CERSAI-

  • Click on the ‘Entry Registration’ section on the CERSAI website.
  • Fill out the online asset registration form with your property details
  • Pay the CERSAI charges, as applicable

You need to fulfill all the online registration formalities within 30 days of the purchase. Also, the details of any property registered with CERSAI are privy to borrowers or lenders across India.

Looking for an affordable home loan? Visit us at Finserv Markets and apply for the Bajaj Finserv Home LoanOur affordable home loan interest rates and easy repayment options make us the ideal choice for your home loan requirement. Get in touch with our representatives today and get all your queries cleared about CERSAI registration charges for home loan and other requirements. Visit today!

You can also know more about home loan. Also, can more information on difference between home loan equitable mortgage vs registered mortgage.

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Bajaj Finserv Direct Limited ("BFDL") is primarily engaged in distribution of financial products and services through its digital platform (“Bajaj Finserv MARKETS”) and inter alia renders services of customer acquisition, providing preliminary credit support activities, fulfilment services and post-acquisition customer services to Banks, NBFCs, HFCs. BFDL is also a registered Corporate Agent (Composite) under valid IRDAI registration number: CA0551 valid till 10-Apr-2024 for solicitation and servicing of Insurance Products. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522